The precious metal lost more than 9% in the last 21 days, it trades below the short and long-term moving average indicating that the price could enter a downwards trend in the short term, if the price manages to stay above 24.192 the uptrend could resume, but if that support level is broken it is likely for the price to sink to the high $22s
The Bollinger bands are wide enough to expect volatility, the pair trades closer to the lower band, suggesting that the price is relatively low, the lower band acted as a support level along with the 50% Fibonacci retracement, the pair is likely to make a correction but we will have to wait to see if the support is strong enough to hold a future loss.
The relative strength index is at 44%, it has been stable since mid-March, and that will allow the pair to move in either direction in the short to medium term. Our parabolic SAR indicator suggests that the price would drop in the upcoming sessions.
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